NEW YORK — Trump Media & Technology Group reported a second-quarter net loss of $238.1 million on Tuesday, a sharp increase from a loss of about $20 million a year earlier, as unrealized losses tied to its cryptocurrency assets weighed on results.
The company, founded by U.S. President Donald Trump and best known for its Truth Social platform, said revenue for the quarter ended June rose to $1.7 million from $0.9 million a year earlier.
The loss came largely from declines in the value of digital assets held by the company. Cryptocurrency markets faced pressure during the April-to-June period as investors reduced exposure to riskier assets amid uncertainty over U.S. interest rates, geopolitical tensions and continued outflows from crypto investment products.
Trump Media is also seeking to expand revenue through Truth API, a paid data service providing banks and trading firms with rapid access to posts from influential Truth Social accounts, including Trump's. The company said it had signed more than 10 customer agreements for the service, which launched on Aug. 1.
Interim Chief Executive Kevin McGurn said the new product was already generating revenue and that the company was continuing to add partners.
Trump Media also said it was making progress toward a proposed merger with fusion-energy developer TAE Technologies, adding to its expansion beyond social media.
The quarterly results mark another period of significant losses for the company as it pursues new business lines while maintaining its Truth Social platform.
